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obama budget 2012

Like all budgets, the federal government's spending plan is all about revenues and expenditures. Unfortunately, Uncle Sam is very good at grossly overestimating tax receipts and grossly underestimating spending. It's enough to make you wonder if any of it is real.

A parade of Republicans immediately lined up to attack the president's proposed budget cuts this week, claiming the plan falls short of making a real difference. They're right. And that's good, because really deep cuts are the last thing the economy needs right now.